1. Field of the Invention
The present invention is related to the fields of fund transfers by consumers, consumer device and bank systems and softwares that enable the same, and vending machines that accept the same.
2. Related Art
There are various methods for consumers to pay money for goods and services. One of them is by writing checks. But processing checks costs a lot of money. Another way to pay is with charge cards, such as credit cards, debit cards, etc. But these also have a high cost of handling. In addition, the payees do not receive credit right away. Further, charge cards can be lost or stolen, and then used fraudulently.
Another, more consistent drawback of the prior art is that the buyer and seller have to agree on using a compatible method of payment. Some sellers do not take checks. Some buyers do not have credit cards, etc.
The incompatibility is proliferating, even though new forms of cash and payment are emerging. For example, electronic wallets have emerged, that themselves store money. Money so stored does not earn interest.